Lithium, long established as a cornerstone in the treatment of bipolar disorder, has recently emerged as a potential therapeutic agent across a broad spectrum of medical fields. This narrative review examines the expanding role of lithium in contemporary medicine, highlighting its transition from a psychiatric staple to a versatile therapeutic tool. The objective of the study was to synthesize and critically evaluate recent literature on lithium’s applications beyond psychiatry, focusing on its mechanisms of action, therapeutic potential, and challenges in various medical domains. A comprehensive literature search was conducted using PubMed, Scopus, and Web of Science databases, focusing on peer-reviewed articles published within the last 5 years. Keywords included “lithium” combined with terms such as “neuroprotection,” “cancer,” “stem cells,” “viral infections,” and “aging.” Case studies, clinical trials, systematic reviews, and meta-analyses were included to provide a broad perspective on lithium’s emerging roles. Recent studies have revealed lithium’s potential in several key areas: neuroprotection in neurodegenerative disorders, cancer therapy enhancement, stem cell mobilization for regenerative medicine, antiviral properties, cardioprotection against ischemia-reperfusion injury, circadian rhythm regulation, and potential effects on longevity and healthy aging. Lithium’s renaissance in medical research reveals its potential as a multifaceted therapeutic agent. While challenges remain, including its narrow therapeutic index and side effect profile, ongoing research into novel delivery methods and personalized medicine approaches may optimize its use. The expanding applications of lithium underscore the need for continued investigation to fully harness its therapeutic potential across various medical disciplines.